Buying a New Vs. Used Car in Ontario: How to Decide

Buying a New Vs. Used Car in Ontario: How to Decide

Posted on September 13, 2022

With the fluctuations in the new car supply chain and shortages in the used car market, what are you to do if you want a new car?

We asked our Waterford auto loans team to outline some pros and cons of buying a new car versus buying used. This is what they came up with.

Pros of buying a new car

Pros of buying a new car include:

Nobody has driven it before you – Everything is new, the engine is factory fresh and the car is completely unused

Full access to every car on the market – Buy new and you have the freedom to choose any make, model and trim within your budget. Not just what’s available right now

Warranties – Manufacturer and dealer warranties are like insurance. There for when you need them and something you don’t get on used cars

Newest technology – New cars come with all the newest car technology and safety features

Cons of buying a new car

Cons of buying a new car include:

Price – New cars are the most expensive way to drive and can come with a hefty price tag

Depreciation – New cars will lose a portion of their value as soon as you drive away. The rate slows over time though

Higher auto loan – If you’re using an auto loan to purchase a new car, you’ll need to borrow quite a lot of money

Pros of buying a used car

Pros of buying a used car include:

Cheaper than buying new – Used cars can be anywhere between 20% and 50% cheaper than new car prices

Almost latest technology – Buy a car that’s a couple of years old and you’re still getting new technology, just not the latest technology

Lower auto loan – As the cost of buying used is less, so is the amount you’ll need to borrow in your Waterford auto loan

Cons of buying a used car

Cons of buying a used car include:

Limited range – You can only buy what’s available and that can often be limited to specific makes, models and colours

Wear and tear – All used cars come with some form of wear and tear. Whether that’s bodywork, interior or mechanicals

Limited warranties – Manufacturer’s warranty has usually expired by the time the car is resold and most dealerships offer limited warranties on used cars

Buying a car in Waterford

As you can see, both options have pros and cons. They will work differently for different people in different situations so you’ll have to make up your own mind which is which for you.

Either way, our Waterford auto loans team has the skills and experience to find you a great deal when you buy a new or used car!

We will use all our skill and experience to deliver the lowest possible Waterford auto loan rates, guaranteed. Contact Car Nation Canada Direct to learn how we can help.

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